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11.06.2010
Credit-Rating upgrades FINANCIAL INITIATIVE BANK LLC to uaBBB-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBBB- (uaBBB minus) from uaBB+ (uaBB plus) the long-term credit rating assigned to Kiev-based FINANCIAL INITIATIVE Commercial Bank LLC (‘bank’). Credit-Rating has also upgraded to uaBBB- (uaBBB minus) from uaBB+ (uaBB plus) the long-term credit rating assigned to bank’s coupon bonds (series A and B) for the amount of UAH50m and UAH250m respectively, with 5-year original maturity. The outlook on the rating is stable. To revise the ratings Credit-Rating considered bank’s financial statements for 2005-2009 and 1Q2010 and its other inside information.
This rating action has been triggered by continuing use of the funds raised from the National Bank of Ukraine by the bank (UAH2.8bn due by 2013) and anticipated increase of the bank’s authorized stock by its primary shareholders in 2010.
An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
